Income Tax Assessment Act 1936

Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. No 114 of 2010, Sch 1 item 95 contains the following saving provisions:

95 Saving of regulations relating to stock exchanges  
95
Despite the repeal of the definition of approved stock exchange in section 470 of the Income Tax Assessment Act 1936 by item 37 of this Schedule, regulations made for the purposes of that definition that were in force immediately before this item commences continue in force on and after that commencement as if those regulations had been made for the purposes of the definition of approved stock exchange in the Income Tax Assessment Act 1997 as inserted by item 81 of this Schedule. 96 Saving of elections relating to foreign hybrids  
96
Despite the repeal of subsection 485AA(1) of the Income Tax Assessment Act 1936 by item 37 of this Schedule, elections made under that subsection continue to have effect on and after the commencement of this Schedule as if that repeal had not happened.

Part XI inserted by No 190 of 1992.

Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part XI heading.

Subdiv D repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part XI heading.

S 580 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part XI heading. S 580 formerly read:

SECTION 580 PROCEDURE TO BE FOLLOWED  
580(1)
The procedure for determining the share of the calculated profit of a foreign company in respect of the relevant period to which the taxpayer is entitled is to work out in accordance with this section:

(a) the part of the taxpayer's share of the calculated profit that is attributable to any interest or interests that the taxpayer had in the company throughout the whole of the relevant period; and

(b) the part or parts of the taxpayer's share of the calculated profit that is or are attributable to any interest or interests that the taxpayer had in the company throughout a particular part or particular parts of the relevant period;

and to add up the amounts so worked out.

580(2)
If the taxpayer had an interest or interests in the company throughout the whole of the relevant period, the part of the taxpayer's share of the calculated profit that is attributable to that interest or those interests is the amount worked out using the formula:

Calculated profit   ×   Attribution percentage

580(3)
If the taxpayer had an interest or interests in the company throughout a particular part of the relevant period, the part of the taxpayer's share of the calculated profit that is attributable to that interest or those interests is the amount worked out using the formula:

Calculated profit

×

Attribution percentage

×

Number of days held     Total number of days

580(4)
In the formulas in this section:

"Calculated profit"
means the calculated profit of the company in respect of the relevant period;

"Attribution percentage"
means the attribution percentage applicable to the taxpayer in respect of the company at the end of the relevant period;

"Number of days held"
means the number of days in the part of the relevant period throughout which the taxpayer had the interest or interests;

"Total number of days"
means the number of days in the relevant period.

580(4A)
If:

(a) because of the taxpayer's election under subsection 486(3) , the relevant period ends at the same time as a period ( ``the real accounting period'' ) in respect of which the accounts of the company are made out; and

(b) because of paragraph 486(5)(b) or subparagraph 486(7)(a)(i) , the relevant period does not begin at the same time as the real accounting period;

then, for the purposes of this section:

(c) the relevant period is taken to begin when the real accounting period does; and

(d) any interest or interests that the taxpayer had in the company immediately before the time when the relevant period began (disregarding its extension under paragraph (c)) are taken to have been acquired by the taxpayer at that time.

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History

S 580(4A) inserted by No 18 of 1993.

580(5)
A reference in this section to an interest that a taxpayer had in a foreign company throughout a particular part of the relevant period does not include a reference to such an interest that the taxpayer ceased to have before the end of that period.

S 580 inserted by No 190 of 1992.